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Konstantin Strukov is the Russian gold billionaire who faces asset seizure in Russia
The Russian state is seeking to take over the majority of Konstantin Strukov’s stake in Uzhuralzoloto, a major gold producer. The Sovetsky District Court, in the Urals town of Chelyabinsk, will hear a case on July 8, which is the latest in an ongoing series of seizures of assets by the Russian government. Who is KONSTANTIN STRUKOV? Strukov was born in the Russian Orenburg Region in 1958. He began working in mining immediately after graduating Magnitogorsk State Technical University. Uzhuralzoloto, founded in 1976 as a Soviet company, was privatised after the collapse of the Soviet Union in 1993. Strukov took over the enterprise in 1997 when production had nearly stopped. The Svetlinsky Gold Deposit, the largest gold deposit in the Urals region, was transferred to a business with the same name. Strukov acquired the assets of the company and shares of a new firm for 162,600 roubles. Production was restarted after that thanks to the gold deposits they had acquired in Khakassia, Krasnoyarsk and other regions. UGC increased its annual production from 3 tons to 10 tons between 2004 and 2012. The company owns 17 core assets, and has eight processing facilities spread across two regional bases. Due to the closure of some mines at the regulator's request, production in 2024 will fall by 17%. This amounts to 10,6 tons. UGC anticipates that production will increase to up to 14.4 tons this year. Strukov's fortune, estimated by Forbes to be $1.9 billion by Forbes, was put under sanctions by certain Western countries, including Britain. They did this after Moscow sent troops into Ukraine. Britain said that his role as director of a Russian extractives company supported the Russian government. Strukov is a member of the legislative assembly in Chelyabinsk Region since 2000. He is the deputy speaker of Chelyabinsk Region's Parliament and a member the ruling United Russia Party. What is the case against STRUKOV The Chelyabinsk Court reported that the deputy prosecutor of Russia had filed a lawsuit accusing Strukov and other individuals of acquiring property "through corrupt means". The statement did not provide any further details. However, Russian news agencies, citing an official source in law enforcement, reported that prosecutors are seeking to convert Strukov’s entire stake at UGC into state property. Citing court documents, the Kommersant newspaper reported that prosecutors believed Strukov had used bankruptcy procedures and his position as an official of state to transfer assets to UGC. Kommersant reports that searches were carried out at UGC's offices last week for alleged violations to environmental legislation and industrial safety regulations. Citing court documents, the newspaper reported that Strukov could have 200 billion roubles in assets confiscated, and that he used an offshore Cypriot company to hide his involvement with UGC. Strukov was contacted by UGC for a comment. Strukov owned 67.8% of UGC according to data from the company as of 2024. Gazprombank's company bought 22% of UGC shares late last year. The remaining 10% was floated at the Moscow Exchange between 2023 and 2024. After a two-session decline of almost 30%, the central bank suspended UGC's Moscow listed shares trading on Friday. In a blog aimed at investors, the company stated that Friday protecting minority shareholder rights was its top priority. A commenter anonymously commented on the post: "The stock market is more volatile than the casino." What is the impact on Russia's business climate? Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability. Why Strukov and UGC was targeted is not known. Moscow sends mixed messages about foreign investment. It wants to portray Russia as an attractive destination for foreign capital while at the same time arresting business leaders. Since the beginning of the conflict with Ukraine, foreign investment has dropped sharply. Vadim Moschkovich, billionaire founder and CEO of Rusagro - Russia's largest agriculture company - has been in pre trial detention since March, on charges of embezzlement, which he denies.
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Royal Gold acquires Sandstorm Gold in Canada for $3.5 billion
Royal Gold announced on Monday that it would acquire Sandstorm Gold, a Canadian rival company, for approximately $3.5 billion. This will help the royal firm to strengthen its position in North America during a period when gold prices are at record highs. Sandstorm shares listed in the U.S. rose 9.6% after this news, while Royal Gold stock fell 4.1% premarket. Companies that collect gold royalties generate revenue through the collection of a percentage from mining operations. They do this in exchange for payments up front or investments. Royal Gold will receive revenue from an additional 40 mining assets, which are expected to produce between 65,000 and 80,000 gold-equivalent ounces this year. This is at a time when the bullion market has experienced a surge of safe-haven flows due to President Donald Trump’s tariff policies. Royal Gold, a Colorado-based company, will exchange 0.0625 shares per Sandstorm share. The offer represents a 16.7% premium to Sandstorm's Friday closing price on the New York Stock Exchange. After the completion of the transaction, Sandstorm shareholders and Royal Gold shareholders together will own approximately 23% of the combined business. Royal Gold will remain a gold-focused business after the acquisition, with 75% coming from precious metals. The company said that 41% of the production would come from mines in the U.S., Canada and other countries where mining has been a welcomed and established contributor to local economies. Royal Gold announced on Monday that it had acquired Horizon Copper for $196 million in an all cash deal. The deal should close by the end of 2025's fourth quarter. Reporting by Tanay and Pooja in Bengaluru, and editing by Sonia Cheema, Leroy Leo and Sonia Cheema
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OPEC+ pumps more oil but is it necessary and at what cost? Russell
After OPEC+'s decision to increase crude oil production, two questions arise: Who will buy the extra crude and will they export the barrels that they claim to be producing? OPEC+ decided at a weekend gathering to increase production by 548,000 barrels a day (bpd). This is up from the 411,000 bpd that the group approved for May June and July and 138,000 bpd in April. Eight members of the group will boost production - Saudi Arabia (as well as Russia, Kuwait, Oman and Iraq), the United Arab Emirates (UAE), Kazakhstan, Algeria, Kuwait, Oman and Russia. The eight countries will have unwound the voluntary 2.2m bpd that they had imposed in an effort to support crude oil prices last year. OPEC+ cited "steady global economy outlook and current healthy fundamentals of the market" in its statement announcing increased August production, continuing a theme that it has been promoting in recent communiques: the oil market was in good shape. The reality is not as rosy, however, as OPEC+ portrays it, as the demand for oil in the major consumer countries like China, which is the top importer of the world, has been tepid. China's crude oil imports rose by just 0.3% or 28,500 barrels per day in the first five month of this year. The official data shows that the total was 11.1 million barrels per day. LSEG Oil Research expects imports to reach 11,96 million bpd in June, an increase from the previous customs figure of 11,30 million bpd. China's imports were likely strong in June. However, the reasons for this are not so positive. The reason why refiners bought more crude than intended is because the prices were lower when the June cargoes arrived. Brent futures, the global benchmark, hit a four year low of $58.50 per barrel on 5 May. They had been trending downwards since early April when cargoes due to arrive in June would have been purchased. The decline in oil prices led to an increase in the number of oil imports in Asia in June. This region, which accounts for 60% of all seaborne crudes, saw a rise of 28,65 million bpd. The increased imports in June boosted Asia's arrivals to 27,36 million bpd during the first half 2025, an increase of 620,000 bpd compared with the same period the previous year. In a coincidence, this forecast is in line with the Organization of the Petroleum Exporting Countries' (OPEC) June monthly report which forecasts a demand growth of 630,000 bpd in Asia outside the OECD by 2025. Prices are key The question is if imports will increase in Asia in the second half or if momentum from June will fade. History shows that importers like China and India will tend to reduce imports when prices increase and use up their stockpiles. China's imports will likely be reduced in August or September due to the brief price spike in mid-June, sparked by Israel’s attacks against Iran. The United States joined Israel in this attack. Lower oil prices will encourage buyers to buy and build up inventory to increase imports in the fourth quarter. The ball in this case is largely on OPEC+. Prices will likely continue to fall if the group produces what its quotas permit and exports it. According to a July 4 survey, the actual production has so far lagged behind the higher quotas. The five OPEC+ members increased their output by 267,000 bpd, which was below the allowed 313,000 bpd. Saudi Arabia's actions will be crucial, as it is the OPEC+ member with the largest surplus capacity and ability to increase output. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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EU countries want to reduce deforestation regulations, a letter shows
A letter obtained by revealed that the majority of European Union countries demanded more changes to the bloc’s anti-deforestation laws, claiming some producers could not be expected to comply with its terms, and would face a competitive advantage. Deforestation laws will be implemented in December. This is a first for the world. Operators who place goods, such as soy, beef, and palm oil on the EU market, must provide proof that their products do not deforest. The destruction of CO2-storing trees is one of the major causes of climate change. But even though extreme weather is getting worse, the political will to implement strict policies for cutting emissions has decreased, because governments are worried about the financial cost. Brussels has already delayed the launch of its new reporting system by an entire year, and reduced reporting requirements in response to criticisms from EU member states, as well from other trading partners such as the United States. The agriculture ministers of 18 EU member states wrote to the Commission Monday to demand that EU rules not be applied to countries with a low deforestation risk. Instead, they should use national measures. The letter stated that "Excessive due diligence requirements in countries where agricultural growth does not reduce forest area significantly" should be eliminated. The document was signed by Austrian, Bulgaria, Croatia (Czech Republic), Estonia, Finland, Hungary (Irland), Italy, Latvia, Lithuania Luxembourg, Poland, Portugal Romania, Slovakia and Slovenia The EU's 18 member states expressed concern that European producers might relocate overseas to avoid additional costs of complying with rules. The letter continued, "The full traceability required by the EU-market regulation for all commodities will be extremely difficult if not impossible for certain of them." Brussels could consider delaying its policy launch again while it develops further proposals to simplify rules. A spokesperson for the Commission did not respond immediately to a comment request. The EU's policy is to stop the 10% global deforestation that is linked to EU imports. (Reporting and editing by Barbara Lewis; Kate Abnett)
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LME's new Hong Kong storage facilities attract copper deliveries
Daily LME data revealed that the London Metal Exchange’s new warehouses located in Hong Kong had attracted 100 tons of copper. The copper was stored without a warrant or title documents confirming ownership. This location is expected to be operational in mid-July. Hong Kong Exchanges and Clearing's LME approved Hong Kong in January for warehouse delivery as the LME sees Hong Kong as an entry point to China, the world's largest metals consumer. The LME stated that "the arrival of metal into LME-approved storage facilities shows that listing Hong Kong as an option for delivery is attractive to metal market participants." From July 15, owners of metal will be able to place the metal on warrant and deliver it against LME contracts. The exchange, which is the oldest and largest industrial metals market in the world, has added. Sources at a LME registered warehousing company said that some additional copper was expected to arrive in Hong Kong's LME registered warehouses before July 15. However, the amounts would be small. Hong Kong's high warehouse costs had previously raised concerns about the viability and cost of the new storage facility compared to other Asian sites like South Korea or Malaysia. As of July 2, according to LME data there were 11,356 tonnes of copper in Asia in registered LME warehouses, mostly in South Korea. The market will monitor any inflows into the LME registered warehouses closely due to the tightness that has accumulated in the copper markets after the massive outflows in the U.S. early this year. The LME's copper stock is down 64% from mid-February to 97,400 tonnes, but they are up a little bit in July. This has helped reduce the premium for contracts with shorter maturities compared to those that have longer maturities. Reporting by Polina Devlin; Editing by Chizu Nomiyama
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Italy will discuss gas measures for energy-intensive companies by the end of this month
The Italian government will begin discussing a long-awaited plan to offer discounted gas prices to energy-intensive businesses by the end this month, said the country's Energy Minister on Monday. We couldn't begin earlier because discussions with the European Union were still ongoing. Radio24 interviewed Energy Minister Gilberto Pichetto Fratin. "We didn't get the go ahead yet," he said. The initiative follows the European Commission's June approval of Italy's Energy Release 2.0 scheme, which supports the country's green transformation and power-intensive industries. In the initial phase of the scheme, electricity will be provided at a fixed rate of 65 euros for each megawatt hour, which is significantly lower than last year's price of 108.5 euros. Pichetto fratin stated that the new gas measures could be similar to the electricity scheme approved. The minister warned that it could be difficult to find suppliers who are willing to sell gas at a discounted rate. He said that it was difficult to find gas suppliers willing to offer discounted rates. Gas prices have a major impact on electricity costs in Italy where over 40% of electricity comes from gas-fired power stations. The country's gas-intensive industries include steel, ceramics and glass manufacturing.
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Heatwave in eastern China forces students to seek shelter in libraries
After near-record temperatures raised concern about student and staff health, universities in eastern China scrambled with their dorms to install air conditioning. One university even let students sleep in cooler library. Jimu News reported that Qingdao University, in Shandong, said it had upgraded its student accommodations over the summer holiday after one student suffered heat stroke. The university did not say if the heatwave was to blame for the death of a member of staff who died Sunday morning. Jimu News reported that the staff member was a supervisor of dormitories. On Monday, 28 locations in central Henan province and eastern Shandong province issued the most severe heat alerts. The official Qingdao Daily reported that temperatures in some parts of Qingdao's coastal city soared to 40.5°C (104.9°F) at the weekend. This was just 0.5C lower than the highest temperature recorded since 1961. Qingdao University did not respond immediately to a comment request from, but it was one of six colleges that announced plans to upgrade the student housing in recent days. Yantai Nanshan University in Shandong said Monday that it will allow students to stay in the library overnight as it prepares to renovate its student halls. Jimu News posted a video showing students sitting on the ground in air-conditioned stores to escape the heat. China's electricity grid has been under pressure due to the heatwave. According to CCTV, the national electricity load reached a record of 1.47 billion kilowatts Friday due to an increase in demand for air conditioners. These announcements will increase concerns about the preparedness of Chinese institutions for extreme weather, which scientists claim is exacerbated due to global warming. China experienced its worst heatwave since 1961 in 2022. Many parts of the country were hit with a 79 day hot spell between mid-June and late August. A report in The Lancet from 2023 states that there were 50,900 deaths related to heatwaves in China in that year. At the time, no official death toll had been released. China does not keep a regular count of deaths due to heat. Reporting by Ethan Wang and Ryan Woo; editing by Andrew Heavens
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Fives Nordon will build parts for new reactors under a deal with France's EDF.
By America Hernandez PARIS, 7 July - French engineering company Fives Nordon received an order on Monday from the state-owned utility EDF for 300 boilermaking pieces to be used in six new nuclear reactors. According to the statement, after 18 months of engineering study, part construction will begin 2027. Deliveries will continue until 2038. Fives Nordon has not disclosed the value of the contract. The President of France, Emmanuel Macron, has declared that he will expand France's nuclear capability. The flagship project Both by Extending the lifespan In the next decade, we will build at least six new reactors of a total capacity of 10 Gigawatts. In early this year, the French government decided to issue EDF bonds. subsidized loan The construction of six new reactors is estimated to cost 52 billion Euros in 2022. A revised budget is expected before the end of the year. French law requires that the government approves new reactor construction. However, this has not yet been done. A divided parliament is seeking to divide the country. slash 40 billion euros
China export controls have frozen antimony shipments into the EU since October

Customs data revealed on Thursday that China hasn't shipped antimony to the European Union since October. This is after the dominant supplier implemented export controls which have fueled a rise in the global price of the strategic metal.
China's antimony restrictions, which began last year, will account for nearly half of the global supply by 2023. Antimony is used in semiconductors and solar power equipment, as well as flame retardants.
Cristina Belda is a senior analyst with the information agency Argus. She said that the price of regulus grade I material has increased by over 300% compared with a year earlier.
Beijing announced in August that it would impose export restrictions on antimony, and other related elements. The reason given was national security. The initial restrictions took effect in September. This sparked a rush to stockpile, which caused shipments in August and September to increase.
Since December, China has banned the export of antimony to the U.S.
The Chinese Ministry of Commerce has not responded to a comment request immediately.
The Netherlands was the largest EU importer from China of antimony in 2023. The Netherlands brought in 3,011.98 tons. In 2024, shipments fell to 1,016.65 tonnes, with no shipments made since October.
Exports of Chinese antimony to Europe have been halted for five months. This is different from the previous round of Beijing's mineral restrictions when exports were slowly resumed within a few month as exporters received new required licenses.
Customs data shows that China's total exports of antimony in 2024 will drop by 24.1%, to 38,632 tonnes.
Since the September restrictions, antimony exports have continued to Brazil, Thailand, and Russia. Reporting by Lewis Jackson and Ella Cao; editing by Tony Munroe, Lincoln Feast and Lincoln Feast.
(source: Reuters)